2017 (7) TMI 1221

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....evenue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 19.07.2016. Following question of law is presented for our consideration: "A. Whether on the facts and in the circumstances of the case, the ITAT was right in law in allowing the appeal of the assessee, without appreciating the fact that such addition was based on the agreement existing in force during AY 2002-0....

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....h agreement was subsequently cancelled on 30.09.2005. The Assessing Officer questioned the assessee about such treatment to the said receipt and added a sum of Rs. 41.31 crores on the ground that the assessee operates on mercantile system of accounting and therefore had to offer to tax the accrued income and further that for the assessment years 2001-02 and 2002-03, the assessee had, in fact, acce....